Interactive Brokers Group Inc (IBKR) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to Interactive Brokers fourth quarter 2025 earnings conference call.

感謝您的耐心等待，歡迎參加盈透證券2025年第四季財報電話會議。

(Operator Instructions) I would now like to hand the call over to Nancy Stuebe, Director of Investor Relations. Please go ahead.

（操作員指示）現在我將把電話交給投資者關係總監南希·斯圖貝。請繼續。

Thank you. Good afternoon, and thank you for joining us for our fourth quarter 2025 earnings call. Joining us today are Thomas Peterffy, our Founder and Chairman; Milan Galik, our President and CEO; and Paul Brody, our CFO. I will be presenting Milan's comments on the business, and all three will be available at our Q&A.

謝謝。下午好，感謝各位參加我們2025年第四季財報電話會議。今天與我們一同出席的有：我們的創辦人兼董事長 Thomas Peterffy；我們的總裁兼執行長 Milan Galik；以及我們的財務長 Paul Brody。我將介紹米蘭對這項業務的評論，三位嘉賓都將在我們的問答環節中發言。

As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which by their nature, are not certain and are outside of the company's control.

提醒各位，今天的電話會議可能包含前瞻性陳述，這些陳述代表了公司對未來事件的看法，但這些事件本質上是不確定的，並且超出了公司的控制範圍。

Our actual results and financial condition may differ, possibly materially, from what is indicated in these forward-looking statements. We ask that you refer to the disclaimers in our press release. You should also review a description of risk factors contained in our financial reports filed with the SEC.

我們的實際業績和財務狀況可能與這些前瞻性聲明中所示的情況有所不同，甚至可能存在重大差異。請您參閱新聞稿中的免責聲明。您也應該查看我們向美國證券交易委員會提交的財務報告中所載的風險因素描述。

In the fourth quarter, we continue to demonstrate the power and leverage of our diversified fully automated global platform, which serves the full spectrum of investors from those new to the markets buying their first fractional share of Magnificent Seven stock and a cash account, through sophisticated traders benefiting from low cost and geographical reach to professionals using our APIs and algorithms to execute advanced quantitative strategies and portfolio margin accounts.

在第四季度，我們繼續展示我們多元化、全自動全球平台的強大功能和槓桿作用，該平台服務於各類投資者，從首次購買 Magnificent Seven 股票零碎股份和現金帳戶的市場新手，到受益於低成本和地域覆蓋的成熟交易員，再到使用我們的 API 和演算法保證高級量化策略和投資組合保證金帳戶的專業人士。

Many clients start gradually and evolve into active sophisticated traders, and our platforms are designed to support that entire journey, supporting their growth with us along the way at every stage.

許多客戶從入門逐步成長為活躍且成熟的交易員，而我們的平台旨在支援他們的整個成長歷程，在每個階段都與他們共同成長。

We continue to see strong international interest in the global securities markets on a secular basis as people around the world seek higher returns on their assets as interest rates decline and as other financial institutions pay them less.

隨著利率下降以及其他金融機構支付的利息減少，世界各地的人們都在尋求更高的資產回報，因此我們看到，從長遠來看，國際社會對全球證券市場的興趣仍然濃厚。

In 2025, we added more than 1 million net new accounts, an annual record for the firm. Client equity rose 37% to $780 billion, an increase of more than $200 billion year-over-year and the first time we've ended the year with over $0.75 trillion in client assets.

2025年，我們新增淨帳戶超過100萬個，創下公司年度新增帳戶數量紀錄。客戶權益成長 37% 至 7,800 億美元，年成長超過 2,000 億美元，這是我們首次在年底時客戶資產超過 0.75 兆美元。

Cyclically, rising markets and expectations for lower interest rates drive increased client engagement. Clients traded actively, grew more comfortable taking on risk, increased their market exposure, and make greater use of leverage through margin loans.

從週期上看，市場上漲和對利率下降的預期會推動客戶參與度提高。客戶交易活躍，越來越願意承擔風險，增加了市場敞口，並透過保證金貸款更多地利用槓桿。

They also expanded beyond equities into other asset classes, including options and futures. Our client-centric focus by which we mean delivering global market access at extremely competitive pricing on state-of-the-art platform is best reflected in one simple measure, our clients performance.

他們還將業務拓展到股票以外的其他資產類別，包括選擇權和期貨。我們以客戶為中心，致力於在最先進的平台上以極具競爭力的價格提供全球市場准入，而這最好地體現在一個簡單的衡量標準上，那就是我們客戶的業績。

In 2025, the S&P 500 rose 17.9%. By comparison, our clients outperformed. Individual investors here were up, on average, 19.2% or 130 basis points above the S&P 500.

2025年，標普500指數上漲17.9%。相比之下，我們的客戶表現更佳。這裡的個人投資人平均收益比標普500指數高出19.2%，即130個基點。

Financial advisers were up 20.57% on average, or 267 basis points above the market. Hedge fund clients were up 28.91% on average, a full 11-percentage-points ahead of the S&P.

財務顧問的平均漲幅為 20.57%，比市場平均漲幅高出 267 個基點。對沖基金客戶平均上漲 28.91%，比標普 500 指數高出整整 11 個百分點。

This performance is the direct result of our focus on empowering clients through low trade and margin pricing and less drag from costs, superior trade execution, advanced order types and algorithms, the advantage of attractive interest rates on cash and short proceeds as well as the many advantages of our platforms from AI and research tools to comprehensive educational offerings.

這項績效直接得益於我們專注於透過低交易和保證金定價、減少成本拖累、卓越的交易執行、先進的訂單類型和演算法、現金和短期收益的優惠利率優勢，以及我們平台從人工智慧和研究工具到全面教育課程的諸多優勢來賦能客戶。

It is why clients come to us. No gimmicks, no games, just the best prices and the most comprehensive platforms. It is why the best informed investors choose Interactive Brokers.

這就是客戶選擇我們的原因。沒有噱頭，沒有花招，只有最優惠的價格和最全面的平台。這就是為什麼最精明的投資人會選擇盈透證券的原因。

That client focus, combined with strong global demand for investing, translated into exceptional financial results. Quarterly adjusted pretax income reached a record level of more than $1 billion for the fifth consecutive quarter despite lower interest rates.

這種以客戶為中心的經營理念，加上全球強勁的投資需求，轉化為卓越的財務表現。儘管利率走低，但季度調整後稅前收入連續第五個季度達到創紀錄的10億美元以上。

For the full year, we generated more than $6 billion in net revenues for the first time. We continually invest in improving our platform from front to back end, supported by a global team of programmers who deliver new functionality, ongoing enhancements and client-driven improvements, while also meeting the diverse regulatory requirements across the many market centers and currencies we support.

全年淨收入首次超過 60 億美元。我們不斷投資改進我們的平台，從前端到後端，並由一支全球程式設計師團隊提供支持，他們提供新功能、持續增強功能和客戶驅動的改進，同時滿足我們所支持的眾多市場中心和貨幣的各種監管要求。

This year, throughout 2025, we introduced a wide range of new products and enhancements worldwide guided by deep engagement with and a strong understanding of the needs of our diverse client base. This year, we expanded market access to Brazil, Taiwan, the UAE and Slovenia, with additional countries planned for 2026.

今年，在 2025 年全年，我們透過與多元化客戶群的深入互動和深刻理解，在全球推出了一系列新產品和改進措施。今年，我們將市場准入範圍擴大到巴西、台灣、阿聯酋和斯洛維尼亞，並計劃在 2026 年擴展到其他國家。

We continue to add to our ever-growing list of country-specific tax-advantaged funds. We offer traditional and Roth IRAs in the US as well as Canadian RRSPs and TFSAs, UK ISOs, French PEAs and Hungarian TBSCs.

我們不斷擴充針對特定國家的稅收優惠基金名單。我們為美國提供傳統 IRA 和 Roth IRA，為加拿大提供 RRSP 和 TFSA，為英國提供 ISO，為法國提供 PEA，為匈牙利提供 TBSC。

This year, we added Swedish ISK, Japan's Nisa, and Canadian FHSA. We now have several billion dollars of client assets in these accounts and are able to support individual investors at all stages of their investment journey.

今年，我們新增了瑞典ISK、日本Nisa和加拿大FHSA。目前，這些帳戶中的客戶資產已達數十億美元，我們能夠為個人投資者在其投資旅程的各個階段提供支援。

From a funding perspective, clients can now fund their accounts using stable coin, making cross-border account funding easier and available 24/7. We doubled the amount of cash eligible for our FDIC suite program, from $2.5 million to $5 million for individual accounts and from $5 million to $10 million for joint accounts.

從資金角度來看，客戶現在可以使用穩定幣為其帳戶充值，使跨境帳戶充值更加便捷，並且全天候可用。我們將符合 FDIC 保險計劃資格的現金額翻了一番，個人帳戶從 250 萬美元增加到 500 萬美元，聯名帳戶從 500 萬美元增加到 1000 萬美元。

In October, we teamed with Carta to introduce a premium charge card globally. The Carta Visa Infinite Card allows eligible clients to link their accounts and access their cash instantly anywhere in the world with no foreign transaction fees and especially compelling benefit for our global client base and it comes with premium cardholder benefits.

10 月，我們與 Carta 合作，在全球推出了一款高階信用卡。Carta Visa Infinite 卡允許符合資格的客戶關聯其帳戶，並在世界任何地方即時提取現金，無需支付境外交易費，這對我們的全球客戶群來說是一項特別有吸引力的福利，並且還附帶高級持卡人福利。

Platform-wise, our Global Trader 2.0 mobile platform was launched with a comprehensive UI/UX revamp and an all new look and feel. Quick access trading tools, accessible via swipe or Long Crest were added. Watch list management was streamlined and AI new summaries Incorporated.

平台方面，我們的 Global Trader 2.0 行動平台進行了全面的 UI/UX 改版，並採用了全新的外觀和感覺。新增了可透過滑動或 Long Crest 存取的快速交易工具。監控清單管理流程得到簡化，並引入了人工智慧新摘要功能。

Our leading-edge IBKR desktop platform delivered several highly requested enhancements this year, including multi-monitor support, with independent windows for charts, option chains and more, multiple new screener filters, a named strategy selector for clients to quickly access popular combo strategy types and a new Linux beta installer, extending IBKR desktop into the Linux ecosystem and addressing another long-standing client request.

今年，我們領先的 IBKR 桌面平台推出了多項備受期待的增強功能，包括多顯示器支援（圖表、期權鍊等可獨立顯示）、多個新的篩選器過濾器、用於快速訪問常用組合策略類型的命名策略選擇器，以及新的 Linux 測試版安裝程序，將 Linux IBKR 桌面平台擴展到了客戶的另一個長期要求。

We introduced connections where clients can enter a company's ticker and explore its broader investment ecosystem, including options, ETFs that hold the stocks, forecast contracts related economic indicators, competitors and more.

我們引入了連結功能，客戶可以透過輸入公司股票代碼來探索其更廣泛的投資生態系統，包括選擇權、持有該股票的 ETF、與經濟指標相關的預測合約、競爭對手等等。

This feature is already seeing strong engagement. We have embedded artificial intelligence throughout our organization, benefiting both clients and employees.

這項功能已經獲得了很高的用戶參與。我們已將人工智慧融入整個組織中，使客戶和員工都從中受益。

We launched AI-powered investment themes which allows clients to enter a concept such as nuclear energy or quantum computing and instantly receive a list of actionable investment ideas, significantly streamlining the research process. We also launched AI generated news summaries, receiving FINRA approval midyear.

我們推出了人工智慧驅動的投資主題，客戶可以輸入核能或量子運算等概念，並立即收到一系列可操作的投資建議，從而大大簡化研究過程。我們也推出了人工智慧產生的新聞摘要，並在年中獲得了 FINRA 的批准。

These summaries deliver timely, relevant news directly tied to clients portfolios, helping them stay informed more easily. Across our platform, we launched the first version of ASK IBKR, an innovative AI power tool that lets our clients interact with and ask questions in plain English about their portfolios.

這些摘要提供與客戶投資組合直接相關的及時、相關的新聞，幫助他們更輕鬆地了解最新資訊。我們在平台上推出了 ASK IBKR 的第一個版本，這是一個創新的 AI 工具，可以讓我們的客戶用簡單的英語與他們的作品集互動並提出問題。

Clients can ask about performance and allocation analysis, track their activity and get performance attribution. They can ask to compare their performance versus various benchmarks, find their top dividend payers, calculate their capital gains and losses and analyze sector exposure.

客戶可以詢問績效和分配分析，追蹤他們的活動並獲得績效歸因。他們可以要求將自己的績效與各種基準進行比較，找出派息最高的股票，計算資本利得和損失，並分析行業風險敞口。

Performance can be analyzed across flexible time frames, one year, one month, period to date, et cetera. Staying on top of an active portfolio with rapid access to a wide breadth of data is critical for successful investors.

可以依照彈性的時間範圍來分析績效，例如一年、一個月、截至目前為止的期間等等。對於成功的投資者而言，能夠快速獲取廣泛的數據並有效管理活躍的投資組合至關重要。

Beyond these highlights, we have delivered a wide range of enhancements and new features. I encourage you to explore our platforms on our website or better yet request a demo. Seeing our offerings firsthand across a broad range of client types and experience levels is the best way to appreciate what we have accomplished.

除了以上亮點之外，我們還推出了一系列改進和新功能。我鼓勵您訪問我們的網站，了解我們的平台，或者更好的是，申請一個演示。親眼見證我們為各種類型和經驗水平的客戶提供的服務，是了解我們所取得成就的最佳方式。

In other areas of our business to further enhance execution quality, we expanded our network of liquidity providers across bonds, options, overnight trading, international stocks and ETFs and ADRs. And to further support our non-US client base, we translate our investor education courses and webcasts into multiple languages, making it easier for clients around the world to get started on investing on our platform.

為了進一步提高執行質量，我們在業務的其他領域擴大了流動性提供者網絡，涵蓋債券、選擇權、隔夜交易、國際股票、ETF 和 ADR。為了進一步支持我們的非美國客戶群，我們將投資者教育課程和網路直播翻譯成多種語言，使世界各地的客戶更容易在我們的平台上開始投資。

Trading volume during our overnight hours continues to grow rapidly, up 76% from last quarter and more than 130% from the fourth quarter of last year. Providing deep liquid markets that are not constrained by US regular trading hours is critical to meeting the needs of a globally active client base.

夜間交易量持續快速成長，比上一季成長了 76%，比去年第四季成長了 130% 以上。提供不受美國常規交易時間限制的深度流動性市場，對於滿足全球活躍客戶群的需求至關重要。

And finally, a note on ForecastEx. We created this exchange, which is regulated by the CFTC, to support trading on consequential predictions that have measurable third-party verified outcomes.

最後，關於 ForecastEx 的一點說明。我們創建了這個受美國商品期貨交易委員會 (CFTC) 監管的交易所，旨在支持對具有可衡量的第三方驗證結果的重要預測進行交易。

ForecastEx traded 286 million pairs this quarter, up from 15 million pairs in the third quarter and now has four members quoting into the exchange, which has over 10,000 listed instruments.

ForecastEx 本季交易了 2.86 億個貨幣對，高於第三季的 1,500 萬個貨幣對，目前有 4 個會員在該交易所進行報價，該交易所上市的金融工具超過 10,000 種。

Our pipeline of new business, new initiatives and enhancements remains as strong as ever, and our platforms resonate with people around the globe. We are not stopping here to rest on our achievements.

我們的新業務、新措施和改進方案的儲備依然強勁，我們的平台也引起了全球各地人們的共鳴。我們不會止步於此，止步於已達成的成就。

We have many projects to work on, which we will look forward to sharing with you once they become a reality. With that, I will turn the call over to our CFO, Paul Brody. Paul?

我們有很多項目正在進行中，一旦這些項目成為現實，我們將期待與您分享。接下來，我將把電話轉交給我們的財務長保羅‧布羅迪。保羅？

Thank you, Nancy. Welcome, everyone, to the call. We'll start with our revenue items on page 3 of the release. We are pleased with our financial results this quarter as we produced near-record net revenues and pretax income for the quarter and record results in all the major financial categories for the year.

謝謝你，南希。歡迎各位參加本次通話。我們將從新聞稿第 3 頁的收入項目開始介紹。我們對本季的財務業績感到滿意，本季淨收入和稅前利潤均接近歷史最高水平，並且全年所有主要財務類別均創歷史新高。

Commission revenues rose to a record $582 million this quarter. For the full year, commissions were $2.1 billion, up 27% from last year, driven by higher trading volumes across the major product categories.

本季佣金收入增至創紀錄的 5.82 億美元。全年佣金收入為 21 億美元，較上年成長 27%，主要得益於各大產品類別交易量的增加。

Net interest income reached $966 million for the quarter and a yearly record of $3.6 billion despite multiple rate cuts in nearly all major currencies. The continued risk on environment during most of the year led to a significant increase in margin borrowing, while strong net customer deposits led to higher segregated funds balances.

儘管幾乎所有主要貨幣都多次降息，但本季淨利息收入仍達到 9.66 億美元，年度淨利息收入創下 36 億美元的紀錄。今年大部分時間裡，環境風險持續存在，導致保證金借款大幅增加；而強勁的客戶淨存款則導致隔離資金餘額增加。

These revenues were partially offset by the interest we paid to our customers on their cash balances. We saw fewer hard-to-borrow names in securities lending than in the third quarter but their presence across the second half drove full year results well over the prior year.

這些收入部分被我們支付給客戶現金餘額的利息所抵銷。與第三季相比，我們在證券借貸領域看到的難以藉入的證券數量有所減少，但它們在下半年的出現推動全年業績遠超上年。

Other fees and services generated $85 million for the quarter and $291 million for the year, both up modestly versus the prior year period. This is primarily driven by higher payments for order flow from options exchange mandated programs and higher FDIC sweep fees despite reductions in risk exposure fees.

其他費用和服務在本季創造了 8,500 萬美元的收入，全年創造了 2.91 億美元的收入，均比去年同期略有成長。這主要是由於期權交易所強制計劃的訂單流支付增加以及聯邦存款保險公司 (FDIC) 的清算費用增加（儘管風險敞口費用有所降低）所致。

Other income includes gains and losses on our investments, our currency diversification strategy and principal transactions. Note that many of these noncore items are excluded in our adjusted earnings. Other income was $10 million as reported and $37 million as adjusted, primarily driven by a loss in our currency diversification program.

其他收入包括我們的投資收益和損失、貨幣多元化策略和自營交易。請注意，我們調整後的收益中已剔除了許多此類非核心項目。其他收入按報告為 1000 萬美元，經調整後為 3700 萬美元，主要原因是我們的貨幣多元化計劃出現虧損。

Turning to expenses. Execution, clearing and distribution costs were $91 million in the quarter, down 21% from the year ago quarter primarily due to two factors. First, we had a full quarter of an SEC fee rate at zero. In the fourth quarter of 2024, SEC fees were $22 million.

接下來談談費用。本季執行、清算和分銷成本為 9,100 萬美元，比去年同期下降 21%，主要原因是兩個因素。首先，我們有一整季的美國證券交易委員會（SEC）收費率為零。2024 年第四季度，美國證券交易委員會 (SEC) 的費用為 2,200 萬美元。

And second, higher volumes meant we earned higher rebates at exchanges as a result of our smart order routing optimization, particularly for options.

其次，更高的交易量意味著，由於我們智慧的訂單路由最佳化，我們在交易所獲得了更高的回饋，特別是對於選擇權交易而言。

These costs and rebates are largely passed through to customers, so these reductions don't have much impact on our profitability, but they are components of our clients profitability and this execution quality is one of the reasons they choose to execute with us to maximize their returns.

這些成本和回扣大多轉嫁給了客戶，因此這些減免對我們的盈利能力影響不大，但它們是我們客戶盈利能力的組成部分，而這種執行質量是他們選擇與我們合作以實現收益最大化的原因之一。

As a percent of commission revenues, execution and clearing costs were 11% in the fourth quarter for a gross transactional profit margin of 89%. We calculate this by excluding from execution clarity and distribution, $23 million of non-transaction-based costs predominantly market data fees, which do not have a direct commission revenue component.

第四季度，執行和清算成本佔佣金收入的 11%，毛交易利潤率為 89%。我們計算得出，執行清晰度和分銷成本中不包括 2,300 萬美元的非交易成本（主要是市場數據費用），這些費用沒有直接的佣金收入成分。

Compensation and benefits expense was $153 million for the quarter for a ratio of compensation expense to adjusted net revenues of 9% versus 10% in the prior year quarter. As always, we remain focused on expense discipline as reflected in our moderate staff increase of 6% over the prior year.

本季薪資福利支出為 1.53 億美元，薪資支出佔調整後淨收入的 9%，去年同期為 10%。一如既往，我們仍然注重控製成本，這體現在我們員工人數較上年僅增加了 6%。

For the full year, this ratio was 10%, down from 11% in 2024. Our head count at December 31 was 3,182. G&A expenses were $62 million, up 5% from the year ago quarter, primarily from increasing spending on advertising.

全年這一比例為 10%，低於 2024 年的 11%。截至12月31日，我們的員工人數為3,182人。一般及行政費用為 6,200 萬美元，比去年同期成長 5%，主要原因是廣告支出增加。

For the full year, G&A was $247 million down from last year, which included a legal settlement that added $78 million and a onetime charge of $12 million to consolidate our European operations. Excluding those items, G&A for the year was up 10% and predominantly on higher advertising expense.

全年來看，一般及行政費用比去年減少了 2.47 億美元，其中包括一筆增加 7800 萬美元的法律和解費用，以及一筆用於整合我們歐洲業務的一次性費用 1200 萬美元。剔除這些項目後，本年度一般及行政費用增加了 10%，主要原因是廣告支出增加。

Our pretax margin matched the third quarter record 79% and achieved a new record 77% for the year, both as reported and as adjusted. Income taxes of $99 million reflects the sum of the public company's $39 million and the operating company's $60 million.

我們的稅前利潤率與第三季創紀錄的 79% 持平，全年創下 77% 的新紀錄，無論是按報告還是按調整後計算。9900萬美元的所得稅反映了上市公司的3900萬美元和營運公司的6000萬美元的總和。

The public company's effective tax rate was 12% below its typical range, primarily due to tax benefits we were able to capture in 2025. Moving to our balance sheet on page 5 of the release, our total assets ended the year 35% higher than the prior year at $203 billion with growth driven by higher margin lending and segregated cash balances.

該上市公司的實際稅率比其通常範圍低 12%，這主要是因為我們在 2025 年獲得了稅收優惠。翻到新聞稿第 5 頁的資產負債表，我們的總資產在年底達到 2030 億美元，比上年增長了 35%，增長主要得益於高利潤貸款和隔離現金餘額。

New account growth also helped drive our record customer credit balances. We continue to have no long-term debt and profit growth drove our firm equity up 23% for the year to exceed $20 billion for the first time.

新帳戶的成長也幫助我們實現了創紀錄的客戶信用餘額。我們仍然沒有長期債務，利潤成長推動公司權益年增 23%，首次突破 200 億美元。

We maintain a balance sheet geared towards supporting growth in our existing business and helping us win new business by demonstrating our strength of prospective clients and partners while also considering overall capital allocation.

我們維持著一個旨在支持現有業務成長並幫助我們贏得新業務的資產負債表，透過向潛在客戶和合作夥伴展示我們的實力，同時兼顧整體資本配置。

In our operating data on pages 6 and 7. We had record customer activity and options with our contract volumes up 27% over the prior year quarter and up 26% for the full year, in line with industry volumes.

請參閱我們第 6 頁和第 7 頁的營運資料。我們的客戶活動和選擇數量創下歷史新高，合約量比上年同期增長 27%，全年增長 26%，與行業水平一致。

Futures contract volumes rose 22% for the quarter to a near record and were up 12% for the full year, well above industry volumes. Stock share volumes rose 16% for the quarter and 38% for the full year. Stock share volume generally increased versus last year as clients gravitated to larger, higher-quality names and traded relatively less in pink sheet and some other very low-priced stocks.

本季期貨合約交易量成長了 22%，接近歷史最高水平，全年交易量成長了 12%，遠高於行業平均水平。本季股票成交量成長16%，全年成長38%。與去年相比，股票交易量普遍增加，因為客戶傾向於購買規模更大、品質更高的股票，而對粉紅單市場股票和其他一些價格非常低的股票的交易相對減少。

Growth in the notional dollar value of shares traded in the quarter, was significantly higher than the growth in share volumes combined with the rise in major equity indices worldwide. On page 7, you can see that total customer DARTs were a 4 million trades per day, in the quarter, up 30% from the prior year.

本季股票交易名目美元價值的成長遠高於股票交易量的成長，也高於全球主要股指的上漲幅度。從第 7 頁可以看出，該季度客戶 DART 交易總量為每天 400 萬筆，比去年同期成長 30%。

Commission per cleared commissionable order of $2.64 was down from last year, primarily due to a mix of smaller average order sizes in stocks and futures and slightly higher in options. In the previously mentioned SEC fee rate moving to zero which lowered commissions as well as execution and clearing expense.

每筆已清算的可結算佣金訂單的佣金為 2.64 美元，較去年有所下降，這主要是由於股票和期貨的平均訂單規模較小，而期權的平均訂單規模略有增加。如前所述，美國證券交易委員會的費率降至零，這降低了佣金以及執行和清算費用。

Page 8 shows our net interest margin numbers. Total GAAP net interest income was up 20% from the year ago quarter to $966 million, just $1 million shy of third quarter's record despite benchmark rate cuts in multiple countries.

第 8 頁顯示了我們的淨利差數據。儘管多個國家下調了基準利率，但以美國通用會計準則計算的總淨利息收入仍比去年同期增長了 20%，達到 9.66 億美元，僅比第三季度的紀錄少了 100 萬美元。

Adjusted for NIM presentation, net interest income was just over $1 billion for the first time. We include for NIM purposes, certain income that is more appropriately considered interest, but that for GAAP purposes is classified as other fees and services or as other income.

經淨利差調整後，淨利息收入首次略高於 10 億美元。為了計算淨利差，我們計入某些收入，這些收入更恰當地被視為利息收入，但按照公認會計原則，這些收入被歸類為其他費用和服務或其他收入。

Our net interest income reflects strength in margin loan interest and securities lending, partially offset by modest increase, by a modest increase in interest expense on customer cash balances despite lower benchmark interest rates.

我們的淨利息收入反映了保證金貸款利息和證券借貸的強勁增長，但部分被客戶現金餘額利息支出的小幅增長所抵消，儘管基準利率有所下降。

Many central banks including the UK, Canada, Hong Kong and the US reduced rates this quarter, while others, including Australia, Europe and Switzerland held steady. Year-on-year, the average US Fed funds rate fell 75 basis points or by 16%.

包括英國、加拿大、香港和美國在內的許多中央銀行在本季降低了利率，而包括澳洲、歐洲和瑞士在內的其他一些中央銀行則保持利率不變。與去年同期相比，美國聯邦基金平均利率下降了75個基點，即16%。

Despite this decline, our margin loan interest was up 17%, and our segregated cash interest was down only 3%, both bolstered by higher balances. The average duration of our investment portfolio remained at less than 30 days.

儘管出現這種下降，但我們的保證金貸款利息上漲了 17%，而我們的隔離現金利息僅下降了 3%，這兩項都得益於更高的餘額。我們的投資組合平均久期維持在30天以內。

During this quarter, the US dollar yield curve remained flat to inverted from the short to medium term, so we continue to maximize what we earn by focusing on short-term yields rather than accepting the lower yields and higher duration risk of longer maturities.

本季度，美元殖利率曲線從短期到中期保持平坦或倒掛狀態，因此我們繼續專注於短期收益率，而不是接受長期債券較低的收益率和較高的久期風險，從而最大限度地提高收益。

This strategy also allows us to maintain a relatively tight maturity match between our assets and liabilities. Securities lending net interest was higher than last year, that we did not see as much activity in hard-to-borrow names as in the third quarter.

這項策略也使我們能夠保持資產和負債之間相對緊密的期限匹配。證券借貸淨利息高於去年同期，但我們在第三季並未看到像第三季那樣多的難以藉貸的證券交易活動。

Contributors to annual growth included several factors, our growing account base, which increases our inventory of attractive stocks to lend, including international securities, the interest we pay on short cash balances, which makes us attractive to investors who utilize short selling.

促成年度成長的因素有很多，包括我們不斷增長的帳戶基礎，這增加了我們可供借出的優質股票庫存，包括國際證券；以及我們為短期現金餘額支付的利息，這使我們對利用賣空的投資者俱有吸引力。

Our fully paid lending program shares proceeds with clients generally on a 50-50 basis, which appeals to investors looking to maximize the return on their portfolios. And finally, activity has picked up in some of the typical drivers of securities lending, including IPOs and merger and acquisition activity.

我們全額支付的貸款計劃通常以 50/50 的比例與客戶分享收益，這吸引了希望最大化投資組合回報的投資者。最後，一些典型的證券借貸驅動因素也開始活躍起來，包括首次公開發行 (IPO) 和併購活動。

As most benchmark interest rates are now sufficiently above zero, a portion of what we earn from securities lending is classified as interest on segregated cash. We estimate that if the additional interest earned and paid on cash collateral were included under securities borrowed and loan and total net revenue related to securities lending would have been $290 million this quarter, up 58% over the prior year quarter.

由於大多數基準利率現在都遠高於零，我們從證券借貸中獲得的部分收益被歸類為隔離現金的利息。我們估計，如果將現金抵押品所賺取和支付的額外利息計入證券借貸，則與證券借貸相關的總淨收入本季將達到 2.9 億美元，比上年同期增長 58%。

Fully rate-sensitive customer balances ended the current quarter at $24.7 billion versus $19.1 million in the year ago quarter. Now for the estimates of the impact of changes in rates.

完全利率敏感型客戶餘額在本季末為 247 億美元，而去年同期為 1,910 萬美元。接下來估算一下利率變動的影響。

We estimate the effect of a 25 basis point decrease in the benchmark Fed funds rate to be a $77 million reduction in annual net interest income. Note that our starting point for this estimate is December 31, with the Fed funds effective rate at 3.64% and balances as of that date.

我們估計，聯邦基金基準利率下降 25 個基點將導致年度淨利息收入減少 7,700 萬美元。請注意，我們此次估算的起點是 12 月 31 日，當時的聯邦基金有效利率為 3.64%，餘額截至該日期。

Any growth in our balance sheet and interest-earning assets would reduce this impact. About 29% of our customer interest-sensitive balances is not in US dollars. So estimates of the US rate change exclude those currencies.

資產負債表和生息資產的任何成長都會減輕這種影響。我們客戶對利率敏感的餘額中，約有 29% 不是美元。因此，對美國匯率變動的估算不包括這些貨幣。

We estimate the effect of a 25 basis point decrease in all the relevant non-USD benchmark rates which reduced annual net interest income by $31 million. In conclusion, we posted another financially strong quarter in net revenues and pretax margin, leading to a record year.

我們估計，所有相關的非美元基準利率下降 25 個基點，導致年度淨利息收入減少 3,100 萬美元。總之，我們在淨收入和稅前利潤率方面又取得了一個強勁的季度業績，從而實現了創紀錄的年度業績。

This reflects our continued ability to grow our customer base and deliver on our core value proposition to customers while simultaneously scaling the business. Our business strategy continues to be effective, automating as much of the brokerage business as possible, continuously improving and expanding what we offer while minimizing what we charge.

這體現了我們不斷擴大客戶群、兌現對客戶的核心價值主張並同時擴大業務規模的能力。我們的商業策略仍然有效，盡可能實現經紀業務的自動化，不斷改進和擴展我們提供的服務，同時最大限度地降低我們的收費。

And with that, we will turn it over to the moderator and open up for questions.

接下來，我們將把時間交給主持人，開放提問環節。

(Operator Instructions) Brennan Hawken, BMO Capital Markets.

（操作員說明）Brennan Hawken，BMO 資本市場。

I was curious about the Paul, on the customer credit balances. It seems as though the decline in the amount paid to yield didn't come down quite as much as we were looking for.

我對保羅的客戶信用餘額感到好奇。收益率下降的幅度似乎沒有我們預期的那麼大。

Just some color around some of those dynamics and what might have caused the lower rates not to flow through and whether or not there might just be some more on the come here in the next quarter or two?

想就這些動態進行一些分析，探討一下是什麼原因導致較低的利率沒有持續下去，以及未來一兩個季度是否還會出現更多較低的利率？

Yeah, sure. So obviously, the net interest income and the major segments there being segregated cash, and margin loans and the customer credit balances, it all operate a little bit differently.

當然可以。顯然，淨利息收入及其主要組成部分（包括隔離現金、保證金貸款和客戶信用餘額）的運作方式略有不同。

So for cash when the rates come down, even though we have a relatively short duration, there is a little bit of tail out there. and we retained somewhat higher rates while we pay lower rates on our credit balances during that period because they are based on the overnight rates.

所以，當利率下降時，即使現金交易的期限相對較短，仍存在一些尾期。在此期間，我們雖然支付較低的信用餘額利率（因為信用餘額利率是基於隔夜利率的），但仍然保持了較高的利率。

The rest of balance changes. So our very strong performance in the margin lending balances overcame vastly overcame the drop in the general benchmark rates.

其餘平衡變化。因此，我們在保證金貸款餘額方面的強勁表現，遠遠抵銷了基準利率整體下降的影響。

Okay. Got it. So we got basically a repricing lag on some of the asset side that makes sense. And from a follow-up, I believe the comment period for your bank charter application ended day.

好的。知道了。所以，我們基本上在某些資產方面遇到了重新定價滯後，這是合理的。另外，據我了解，貴行銀行牌照申請的意見徵詢期已於今天結束。

Could you maybe update us on that process, what you've heard back from the regulators? And what kind of impact we should expect i.e., if the bank charter is approved and you go forward with the bank?

能否請您向我們介紹一下流程的最新進展，以及您從監管機構得到的回應？如果銀行牌照獲得批准，並且你們繼續推進銀行的運營，我們應該預期會產生什麼樣的影響？

So we have been in contact with the OCC for a while. The way this process works is you are in contact with them, you talk to them, you present the business plan. They point out what they do not like or what you would like to receive more information on.

我們已經和OCC聯繫了一段時間了。這個過程的運作方式是，你與他們聯繫，與他們交談，並向他們展示商業計劃。他們會指出他們不喜歡的地方，或者你想了解更多資訊的地方。

Once you get through this stage, they give you the go ahead to officially file the application, which we did, and they acknowledge that. Then there is a several months long time period that they have to actually approve your request.

一旦通過這個階段，他們就會允許你正式提交申請，我們也確實提交了，他們也對此表示認可。然後他們需要幾個月的時間來實際批准你的請求。

There are others applying for the National Trust Charter Bank. I do not know exactly where we are in the queue. But my expectation would be to be operational by the end of this year.

還有其他人正在申請成立國家信託特許銀行。我不太清楚我們排在隊伍的哪個位置。但我預計到今年底就能投入營運。

Now exactly what that means for us is as the broker dealer, the regulations do not permit us to custody assets of mutual funds and exchange rate funds. A trust charter bank, we've allowed us to do that. So that is the rationale behind our applications.

對我們這些經紀交易商來說，這又意味著什麼呢？相關規定不允許我們託管共同基金和匯率基金的資產。作為一家信託特許銀行，我們被允許這樣做。這就是我們提出這些申請的理由。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

I had one on prediction markets. There's been a lot of speculation recently about whether regulators or the US courts will allow prediction market platforms to continue offering sports contracts.

我之前做過一個關於預測市場的。最近有許多猜測，監管機構或美國法院是否會允許預測市場平台繼續提供體育賽事合約。

So I was just hoping to get an update from you on how you maybe see this all playing out between the platforms and the sports books.

所以，我只是想從你那裡了解一下，你認為這些平台和體育博彩公司之間的事情會如何發展。

And then with ForecastEx launching NFL contracts in the fourth quarter, just wondering what you would need to see from regulators or the courts that would make you comfortable offering contracts like that to IBKR customers?

鑑於 ForecastEx 將在第四季度推出 NFL 合約，我想知道監管機構或法院需要做出哪些決定，才能讓您放心地向 IBKR 客戶提供此類合約？

Or if this is an aspect of markets that you just think is will never make sense to co-mingle with your existing customer base?

或者，如果您認為市場的這一方面永遠不適合與您現有的客戶群融合呢？

So I don't know if you've heard that Massachusetts just came out with a ruling against case. So the judge ruled against Kashi and that probably means that no longer take customers from Massachusetts. But this is certainly not the final word.

我不知道你是否聽說馬薩諸塞州剛剛做出了一項不利於此案的裁決。所以法官判卡什敗訴，這可能意味著卡什將不再接受來自麻薩諸塞州的顧客。但這當然不是最終結論。

So you get is as good as ours as to what will happen here. And so luckily, the Interactive Brokers does not rely on sports.

所以，你和我們一樣清楚這裡會發生什麼事。所以幸運的是，盈透證券並不依賴體育賽事。

We do believe that these contracts will have in enormous applicability to many, many things about the future and be very, very successful and it doesn't really have to depend on sports.

我們相信這些合約將對未來的許多方面具有巨大的適用性，並且會非常非常成功，而這並不一定取決於體育。

Okay. Great. And then just as a follow-up. You're sitting on a healthy pile of excess cash. Any updated thoughts on the appetite for M&A and capital return priorities.

好的。偉大的。然後，作為後續。你手邊有一大筆閒錢。關於併購意願和資本回報優先事項，您有什麼最新看法？

And then on M&A specifically, I know in the past, you said that with traditional brokerage models, it's been difficult to make the deal math work with your pricing model. But in an emerging asset class like prediction markets, I'm just wondering if M&A could make sense here for you.

至於併購方面，我知道你過去曾說過，傳統的經紀模式很難讓你的定價模式與交易的計算結果相符。但對於預測市場這個新興資產類別來說，我只是想知道併購對你們來說是否有意義。

Anything is possible, but we're not going to buy a firm that is doing sports betting and there is nothing else out there at the moment, right?

一切皆有可能，但我們不會收購一家目前沒有其他體育博彩業務的公司，對吧？

It's not only that we have our own platform forecasts it's growing nicely, mid-December of last year, we have rolled out forecast bets on 24/7 trading schedule. We adding liquidity providers.

不僅如此，我們還有自己的平台預測，發展勢頭良好。去年 12 月中旬，我們推出了 24/7 全天候交易的預測投注。我們正在增加流動性提供者。

ForecastEx now let over 10,000 different instruments, and the trading volumes have increased significantly. So no reason for us to look for an acquisition in this space.

ForecastEx 目前提供超過 10,000 種不同的交易工具，交易量也顯著增加。因此，我們沒有理由在這個領域尋求收購。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

So you touched a little bit on the National Trust bank charter. I was hoping you might be able to touch a little bit on the aspirations for a European banking license? And if so, where you are in the process of looking to get one of those?

所以你剛才稍微提到了國民信託銀行的章程。希望您能稍微談談貴行申請歐洲銀行牌照的意願？如果是這樣，您目前進展到什麼階段了？

We have not started the process having a bank license in Europe would come with some benefits. It is not urgent for us to have one.

我們尚未啟動相關流程，但取得歐洲銀行牌照會帶來一些好處。我們並不急需一個。

We will eventually have a license in Europe, the most likely place for us to acquire it would be in Ireland, where our broker operations are already regulated by banking regulator with whom we have a very good relationship.

我們最終會在歐洲獲得執照，最有可能獲得執照的地方是愛爾蘭，因為我們在愛爾蘭的經紀業務已經受到銀行業監管機構的監管，我們與該監管機構的關係非常好。

Okay. Excellent. I just wanted to ask a follow-up on prediction markets. I was hoping, Thomas, you might be able to just update us on the institutional adoption of prediction markets so far, how you plan to cater to this client set specifically on the retail side? And over what period in your view, institutional prediction markets fully develop?

好的。出色的。我只是想就預測市場再問一個後續問題。Thomas，我希望你能向我們介紹一下預測市場目前在機構層面的採用情況，以及你計劃如何專門針對零售客戶群進行服務？您認為機構預測市場需要多長時間才能完全發展成熟？

So our most frequently traded contracts are temperature contracts. We are currently working on tying up these temperature contracts with the electricity contracts and the natural gas contracts.

因此，我們交易最頻繁的合約是溫度合約。我們目前正在努力將這些溫度合約與電力合約和天然氣合約結合起來。

And as you know, it is basically the utilities that have to every day make a judgment about the next use of electricity. So we are working on approaching those. And I think that sometime in the course of the year, you will see them onboarding.

如你所知，基本上每天都是電力公司需要對下一次用電做出判斷。所以我們正在努力解決這些問題。我認為在今年某個時候，你會看到他們入職。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

I hope you're all doing well. My first one is on your expanding crypto offering. How should we think about the appetite for adoption across your base?

希望你們一切都好。我的第一個問題是關於你們不斷擴展的加密貨幣產品。我們該如何看待您的使用者群體對採用新技術的接受程度？

And I'm especially interested in the individual investors in the direct and the eye broker channel. Do they want crypto trading and do they want it from IBKR?

我尤其對直接投資和透過經紀人管道進行投資的個人投資者感興趣。他們是否想要進行加密貨幣交易？他們是否希望透過盈透證券（IBKR）進行交易？

Crypto revenues are at the moment, small relative to the overall company's revenues. Most clients who actively trade cystocurrencies were already doing so before we enter the space. So we are not yet a major brand in cryptocurrency space. You asked about the eye brokers. The answer is no.

目前，加密貨幣收入相對於公司整體收入而言還很小。大多數積極交易加密貨幣的客戶在我們進入這個領域之前就已經在這樣做了。所以，我們目前還不是加密貨幣領域的主要品牌。你問到了眼角肉販子。答案是否定的。

They have not been asking for access to crypto. I'm not sure why that is. Our pricing as we explained over a number of earnings calls is superior to our competitors in the United States and outside. We added crypto to our offering to round it up to, particularly targeting investment advisers and multi-asset clients, who wanted limited exposure to the assets.

他們並沒有要求獲得加密貨幣的使用權。我不太清楚原因。正如我們在多次財報電話會議上所解釋的那樣，我們的定價優於美國及其他地區的競爭對手。我們增加了加密貨幣產品，以滿足投資者的需求，特別是那些希望對資產持倉有限的投資顧問和多元資產客戶。

Our offering is competitive, and we continue to add capabilities, new geographies, namely Europe is currently the focus, I would expect us to go live with our offering in this quarter.

我們的產品和服務具有競爭力，我們不斷增加功能，拓展新的地理市場，目前重點是歐洲，我預計我們將在本季推出我們的服務。

And then I am hopeful that asset transfers, once we support asset transfers some crypto assets will migrate to our platform and take advantage of our superior pricing.

然後，我希望一旦我們支持資產轉移，一些加密資產就會遷移到我們的平台，並享受我們更優惠的價格。

Thanks, Milan. And just for my follow-up, it's one I've asked, I think, two quarters in a row now, but account growth, still very strong, north of 30%. Thomas, any specifics on how long you can keep this up? Because your comments at that may come.

謝謝你，米蘭。我還要補充一點，這個問題我已經連續兩個季度問過了，帳戶成長依然非常強勁，超過 30%。湯瑪斯，你能具體說說你能撐多久嗎？因為你可能會對此發表評論。

As long as I shall live. That's my answer. I don't see any reason why our account growth would slow down. It will continue at the rate that we've been going. You see the benefit that we have is our platform is attractive to very people.

只要我活著。這就是我的答案。我看不出我們的帳戶成長速度有任何理由會放緩。我們會繼續保持目前的進度。您可以看到，我們的優勢在於我們的平台對許多人來說很有吸引力。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

So just another question on growth, but more just in terms of investment and spend. As you think about all of the initiatives you have entering this year, do you think the level of spend is growing? Is it consistent with the last couple of years? Or how should we think about overall expense growth?

所以，關於成長還有另一個問題，但更多的是關於投資和支出方面的問題。考慮到今年即將開展的所有項目，您認為支出水準是否正在成長？與過去幾年的情況一致嗎？或者我們應該如何看待整體支出成長？

The overall expense growth, I think, has been consistent over the past many quarters over the last few years. We have been cautiously adding to our head count as we needed in this past year, it was around 6% growth.

我認為，過去幾年裡，整體支出成長在過去幾季一直保持穩定。過去一年，我們根據需要謹慎地增加了員工人數，成長率約為 6%。

Our compensation went up by 10% or so I would expect for us to see similar growth in the future. Of course, we have a number of AI initiatives in process and those initiatives may affect the rate at which our expenses will grow in the future.

我們的薪酬上漲了大約 10%，我預計未來還會看到類似的成長。當然，我們目前正在推動多項人工智慧計劃，這些計劃可能會影響我們未來支出成長的速度。

Understood. And then just another one on account growth in terms of the account growth today and where it's been coming from here in the latter part of 25 versus maybe where you think there's growth going to change or other areas that could grow faster in next year?

明白了。然後，再問一個關於帳戶成長的問題，即目前帳戶成長的情況以及2025年下半年帳戶成長的來源，與您認為明年哪些領域的成長可能會發生變化或有哪些領域可能會成長更快相比？

Just trying to get a sense of what's different in terms of where you're seeing more success or more markets are more mature versus less?

我只是想了解一下，在哪些地區比較容易成功，或是哪些地區的市場比較成熟，哪些地區則不然？

We have been universally doing well. We have been attracting large accounts, small accounts, very active accounts, less active accounts, retail, professional institutional, they all come to a sedative reason. The technology works, pricing is fair, access is global. No need to rely on promotions or incentives.

我們整體情況都不錯。我們吸引了大客戶、小客戶、非常活躍的客戶、不太活躍的客戶、零售客戶、專業機構客戶，所有這些客戶都出於一個共同的原因。技術有效，定價合理，全球通用。無需依賴促銷或獎勵。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Maybe tying a couple of these previous questions together, I think Thomas, in the press, you made some comments about the US midterm election later this year potentially juicing account growth.

或許可以將前面幾個問題聯繫起來，托馬斯，你在媒體上發表了一些關於今年晚些時候的美國中期選舉可能會刺激賬戶增長的評論。

Can you maybe talk about the, and I think you've mentioned in the prepared remarks, the advertising spend is up a little bit, even though I think a lot of your growth comes from more of mouth, can you maybe talk about your plans to get, or drive more engagement on prediction markets, either through the Interactive Brokers platform onboarding more FCMs.

能否談談廣告支出略有增加的問題？我想您在準備好的發言稿中已經提到過，儘管我認為您的增長主要來自口碑傳播，您能否談談您計劃如何提高預測市場的參與度，例如透過盈透證券平台引入更多期貨佣金商 (FCM)？

How are you thinking about that opportunity coming up later this year to kind of boost account growth even more?

您如何看待今年稍後即將到來的那個進一步促進帳戶成長的機會？

Advertising is certainly a key. We are doing, getting better and better at advertising, and we are also increasing our spending, advertising spending to some extent. So that's what it is. We will not let our account growth go lower.

廣告宣傳無疑是關鍵因素。我們在廣告方面做得越來越好，而且我們也在一定程度上增加了廣告支出。原來如此。我們絕不會讓帳戶成長率下降。

Love the confidence. Maybe just one more question on prediction markets you talked earlier about institutional interest. I'm just curious, when we look at some of the institutional products offered at CME and ICE, we tend to see very, very large notional amounts and larger fees per contract.

欣賞這份自信。關於您之前提到的機構投資者對預測市場的興趣，我可能還有一個問題。我只是好奇，當我們查看 CME 和 ICE 提供的一些機構產品時，我們往往會發現名義金額非常非常大，而且每份合約的費用也很高。

But less relative to the size, to the notional amount of exposure. Just curious, onboarding insurance companies, electric utilities, these sorts of institutions. Does that require any change to product design?

但相對於規模和理論上的曝光量而言，影響較小。只是好奇，保險公司、電力公司以及這類機構是如何進駐的。這是否需要對產品設計進行任何更改？

Or do you think it's more a matter of education, making sure the liquidity is there and then you'll be able to onboard those kinds of customers?

還是你認為這更多的是教育問題，確保流動資金充足，然後你就能吸引這類客戶？

It's not a product design question. It is a matter of selling it.

這不是產品設計問題。問題在於如何把它賣出去。

Thank you. I would now like to turn the conference back to Nancy Stuebe for closing remarks. Madam?

謝謝。現在我謹將會議交還給南希·斯圖貝，請她致閉幕詞。女士？

Thank you, everyone, for participating today. As a reminder, this call will be available for replay on our website, and we will also be posting a clean version of our transcript on the site tomorrow. Thank you again, and we will talk to you next quarter end.

謝謝大家今天的參與。再次提醒大家，本次通話將在我們的網站上提供回放，我們也會在明天在網站上發布一份清晰版的通話記錄。再次感謝，我們將在下個季度末與您聯繫。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。